Monday, June 17, 2013
Saturday, June 1, 2013
The deal is that Modern Marketers have more data than they know what to do with. We're inundated with data. Data from our web traffic, marketing automation, CRM, list purchases, sales history, content consumption, click stream, et al. The challenge comes in making sense of the data so we can convert trends or correlations to actionable marketing activities.
Although I have always been a B2B marketer with little B2C experience, I suspect that the B2C folks (especially in the retail world) are much more advanced in data analysis. When I was completing my MBA degree, one of the classes I took was called 'Information Analysis'. The final project was to complete a multiple regression analysis of purchasing patterns compared to demographic data for a retail store. The result would tell the firm where to build retail stores for maximum sales with respect to the demographic data. The data was real from a case study and the retail chain was extraordinarily successful in part due to their analysis of their data, or big data if you prefer.